Stablecoin

Flow

Bitcoin

Arkham

Spot

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-price-surges-over-weekend" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Surges Over Weekend</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-on-the-brink-of-a-70000-breakthrough" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s value experienced a notable increase today, deviating slightly from its usual weekend behavior. Historically, Bitcoin has traded negatively on weekends due to Wall Street’s closure. Adding to this market activity, the German government finalized the sale of 50,000 seized Bitcoins, with Arkham Intelligence confirming the last sale occurred last night.</p>
<h2 id="why-did-bitcoin-prices-rise">Why Did Bitcoin Prices Rise?</h2>
<p style="text-align: justify">In the past 24 hours, Bitcoin saw a surge of over 3%, with Spot ETF funds enjoying seven continuous days of inflows. Bitcoin’s market cap reached $1.16 trillion, capturing a 50.67% market share. According to CoinGecko, the overall crypto market soared to $2.28 trillion, marking a 2.91% increase. Stablecoin projects also posted a market value of $163 billion, making up 7.12% of the total crypto market.</p>
<p style="text-align: justify">Ethereum, the second-largest cryptocurrency, maintained its stability above $3,000. It is currently priced at $3,166, reflecting a 0.8% increase within the last hour and a 3.7% increase over the past day. The broader market is seeing an upward trend, with several cryptocurrencies achieving double-digit percentage gains.</p>
<h2 id="what-are-the-market-dynamics">What Are the Market Dynamics?</h2>
<p style="text-align: justify">On July 12, 2024, Germany completed its Bitcoin asset liquidation. The final sale involved transferring 3,846 Bitcoins to Flow Traders and 139Po, which are categorized as institutional deposits and OTC services. This transaction marked the culmination of weeks of Bitcoin sales by the German government, which had been selling its holdings for the past three weeks.</p>
<p style="text-align: justify">These sales activities kept Bitcoin’s price below $60,000 and under the 200-day exponential moving average. However, the upcoming $9 billion Mt. Gox repayment plan could introduce new selling pressures. Despite these uncertainties, institutional <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> have viewed this period as a buying opportunity, even as the crypto Fear and Greed Index remains at extreme fear levels.</p>
<h3 id="key-market-takeaways">Key Market Takeaways</h3>
<p style="text-align: justify">– Over $310 million flowed into U.S. spot Bitcoin ETFs on July 12, the highest since June 5.<br> – BlackRock’s iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund attracted $120 million and $115.1 million, respectively.<br> – Ethereum’s price stability above $3,000 could signal broader market confidence.</p>
<p style="text-align: justify">This surge in Bitcoin and the overall market’s performance come amidst a backdrop of ongoing institutional interest and dynamic market shifts.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-price-surges-over-weekend" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Surges Over Weekend</a></h5>

Bitcoin Price Surges Over Weekend

Table of Contents

BH NEWS

Other articles published on Jul 13, 2024

XRP’s Success Inspires a Fresh Perspective; Can BlockDAG’s 30,000x ROI Potential Outshine XRP’s F...

TOP 5 Blockchains To Invest In For JULY 2024

ORDI and Ronin (RON) Crypto Prices Pumping – Here’s Why

Eureka! BlockDAG’s X30 Strikes $12,000 Daily; Celestia Swings & Fetch.ai Faces Downward Spiral

What’s missing from MiCA’s comprehensive crypto manifesto? | Opinion

Ripple’s Stuart Alderoty recalls XRP ruling on first anniversary: ‘It was a watershed moment’

Join our free newsletter for daily crypto updates!